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Paul Atkins, Chairman of the Securities and Exchange Commission (SEC), introduced the new “Project Crypto” initiative in his speech today.
In his speech, Atkins stated that they aim to strengthen the US's global leadership in the field of digital assets and gave strong messages.
“We need a project that will unleash American ambition. This is precisely the moment,” Atkins said, adding that the US should not be content merely to keep pace with the digital asset revolution: “America must lead this revolution.”
Atkins, referencing the President's statement last week, said, “Last week, the President said, 'I want the entire world to run on the backbone of American technology.' I am ready and determined to achieve that goal.”
Atkins made it clear that the SEC will no longer remain passive: “Under my leadership, the SEC will not simply watch innovations flourish abroad. We will not allow our capital markets to remain stagnant.”
Atkins, who also announced the first steps regarding the content of the project, announced that he instructed the Commission staff to prepare “clear and simple rules” for the distribution, storage and trading of cryptocurrencies.
The SEC Chairman further clarified that most cryptocurrencies are not securities.
Finally, Atkins stated that they would reduce bureaucratic hurdles: “Under my leadership, the Commission will encourage, rather than hinder, the builders of our country. We will not stifle entrepreneurship with uniform, rigid rules.”
*This is not investment advice.